Buffett's Father Is Rolling In His Grave

<s>Moron</s> Warren Buffett's dad was the Ron Paul of his day
by Philip Klein Senior Editorial Writer

In recent days, the Buffett name has become synonymous with support for higher taxes, but a long time ago, it was associated with fierce opposition to federal taxation and big government.

Warren Buffett may be a committed liberal Democrat, but his father, Howard Buffett, was a four-term Republican member of Congress (1943-49 and 51-53), a John Bircher who fought FDR and warned that the expansion of government was eroding individual liberty.

âTodayâs situation is the result of an alarming and devious governmental intervention in the economic affairs of the nation for objectives not contemplated by the men who wrote the Constitution,â Buffett lamented in a lecture excerpted in the December 1956 issue of the libertarian journal The Freeman. âHistorically, in America the producer was protected by government in the enjoyment of the fruits of his labors. That protection of his property explains the glorious material progress already recounted.â

In the lecture, Buffett went on to observe that, âThe last 40 years have seen a gigantic expansion of political power over economic affairs by the federal government. This change is linked by many scholars to the passage of the income tax law in 1913.â

"Even if it were desirable, America is not strong enough to police the world by military force. If that attempt is made, the blessings of liberty will be replaced by coercion and tyranny at home. Our Christian ideals cannot be exported to other lands by dollars and guns. Persuasion and example are the methods taught be the Carpenter of Nazareth, and if we believe in Christianity we should try to advance our ideals by his methods. We cannot practice might and force abroad and retain freedom at home. We cannot talk world cooperation and practice power politics."

September 21, 2011 (CHICAGO) (WLS) -- There will be a convergence of presidential politics, high finance and Chicago glitter next month as billionaire Warren Buffett holds a fundraiser for President Barack Obama.

Even though investor Warren Buffett was the only person to lose some of his wealth among Forbes' top 20 richest Americans, with $39 billion left, he has enough to throw Obama a couple of fundraising parties.

Buffett is to throw one in New York at the end of this month, and then here in Chicago on Thursday, October 27th.

Seven months ago, President Obama put the Presidential Medal of Freedom on Warren Buffett - the nation's highest civilian honor. The president called Buffett "not only one of the world's richest men," but also "one of the most-respected."

Obama is now also using the country's second richest man to help fight his budget battle, proposing the so-called "Buffett Rule" that would force millionaires to pay the same percentage of taxes as the middle class.

Next month in Chicago, Buffett will have the opportunity to help Obama. Buffett will be the host of a $35,000-a-ticket fundraiser at the north lakeshore home of Byron Trott, who owns BDT Capital Partners, a high-stakes and very private investment firm.

Trott was in the news this week as his company led an investment group buying the Chicago landmark Wrigley Building.

The co-hosts of the Obama fundraiser are Chicago business magnates John Rogers, Jr. and Penny Pritzker. Pritzker ran the national finance committee for the 2008 Obama campaign.

Obama is not expected at the Chicago fundraiser, but not because there won't be enough room for him and the presidential entourage. Byron Trott's lakefront estate is said to be about 25,000 square feet on three-and-a-half acres.

Trott is also thought to be Buffett's choice to eventually take over his company, Berkshire Hathaway.